Cook and crumble the Italian sausage over medium heat until cooked through.
Add the sausage, Velveeta, green chilis, and Rotel to a Crock Pot.
Cook on low for 3 hours, or on high for 1.5 hours. Stirring occasionally.
Per serving: 113 calories / 8g fat / 3 carbs / 6g protein
If you are totally against Velveeta, you could also use American cheese from the deli counter. You can ask them to give it to you in a whole block, or you can ask them to slice it. Sliced would melt easier, obviously. Land O Lakes is the one I would use.